Friday, May 4, 2012

Bank of America has sold the Hearst Tower in uptown Charlotte to Parkway Properties Inc. in a $250 million deal, the real estate investment trust announced.

The bank had been marketing the 46-story building since February as it tries to streamline its operations. Bank of America will lease back 322,000 square feet, nearly a third of the Hearst Tower's office space, through March 2022 as part of the deal.

"The pending acquisition of Hearst Tower is a significant positive step as we continue to transform the company," Parkway Properties CEO Jim Heistand said in a statement. "It is a compelling real estate opportunity – a trophy building, with a stable tenant base, in a submarket with improving fundamentals, at an attractive basis."

The deal is being financed primarily by a $200 million investment by private equity firm TPG into the Orlando-based real estate investment trust.

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Bank of America prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.

Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.